Bitcoin price again failed to break the USD 60,000 resistance zone against the US dollar. BTC is showing some bearish signs, but the USD 52,500 support holds the key.
- Bitcoin couldn’t hit a pace above $ 59,500 and even struggled to test $ 60,000.
- The price is now trading near the $ 55,500 support and the $ 100 simple moving average (H4).
- On the 4-hour chart of the BTC / USD pair (data feed from Kraken) there was a break below a major contraction triangle with support close to USD 58,000.
- The pair is recovering from losses but faces strong resistance near $ 57,000.
Bitcoin price reduces profits
Bitcoin has hit the resistance levels of $ 58,800 and $ 59,000. It even rose above the $ 59,500 level, but there was no follow-through move. It struggled to test the $ 60,000 resistance zone at all.
As a result, there has been a bearish reaction below the $ 58,500 and $ 58,000 support levels. There was also a break below a major contraction triangle with support near USD 58,000 on the 4-hour chart for the BTC / USD pair. The pair plunged below the $ 55,500 level and the simple moving average of 100 (H4).
It traded as low as $ 53,445 and is currently correcting losses. There was a pause above the $ 54,000 and $ 54,500 levels. Bitcoin even climbed above the 23.6% fib retracement level of its recent drop from $ 59,590 to $ 53,445.
Source: BTCUSD on TradingView.com
The price is now trading near the $ 55,500 support and the $ 100 simple moving average (H4). Initial resistance is near the $ 56,500 level. It is close to the 50% Fib retracement level of the recent decline from the high of $ 59,590 to the low of $ 53,445.
The key resistance is now near the $ 57,000 level. A successful break above the $ 57,000 level is required to start a fresh move towards the $ 59,500 resistance zone in the short term.
More losses at BTC?
If Bitcoin doesn’t remove the $ 56,500 or $ 57,000 resistance, it could prolong its decline. Initial support on the downside is near the $ 54,500 level.
The first major support is near the USD 53,500 level and recent lows. Further losses could require a test of the main USD 52,500 support area.
4 Hour MACD – The MACD is slowly losing pace in the bearish zone.
4-Hour RSI (Relative Strength Index) – The RSI for BTC / USD is now close to the 40 level.
Major support levels – $ 54,500 followed by $ 53,500.
Main Resistance Levels – $ 56,500, $ 57,000, and $ 59,500.